Mega Bank JPMorgan Chase reported strong second-quarter earnings, with net income rising to $6.5 billion, up from $5 billion in 2Q 2012.
Additionally, earnings per share jumped to $1.60, compared with $1.21 in the second quarter of 2012.
As a whole, the bank’s net revenue grew to $26 billion from $22.9 billion a year earlier.
The mega bank benefited from healthy mortgage origination activity, with originations hitting $49 billion, up 12% from a year earlier, but still down 7% from the previous quarter.
Purchase originations alone grew to $17.4 billion, up 50% from the last year and 44% from the previous quarter.
Mortgage application volumes hit $65 billion for the period, dropping 3% from last year.
()net revenue hit $3.1 billion, a $551 million decline from 12 months earlier.
Provisions for credit losses in the unit rose to $657 million, up from $553 a year ago.
In addition, servicing expenses dropped by $238 million to $715 million from 2Q 2012 levels, reflecting lower servicing headcount and lower costs associated with the Independent Foreclosure Review, which was settled with a one-time payout deal in January.
